I think the answer is obvious. There isn't money to be made in it. If anything, we have excess capacity. Why would you build more refineries, especially in eastern Canada, when instead of building one brand new you could buy one that's for sale in Halifax. There was one for sale in Montreal. They looked around forever trying to find a buyer. It would be like opening up more auto plants. At this moment in history, does that make sense?
That goes back to this characterization that staples are vulnerable to swings in demand. That's true of any industry. As Jim will tell you, that was true of the auto industry in 2008 and 2009. It was true of the ICT sector. Those of you who were holding Nortel and JDS stocks in 2000 know that well.
Every industry is cyclical. In fact, if you look at the historical pattern, the most cyclical parts of the economy.... I always had a business cycle analysis, leading indicators, all this stuff. This is Canada; I spend more time studying manufacturing and construction than resources, from that point of view. The resource sector is actually relatively stable compared to these sectors.
If you look at the business cycle in this country, if you want to see where recessions occur, a good starting point, but it's not the only place, would be the auto and housing industries, but I don't hear anybody going around saying that if we don't invest in auto and housing, then we won't have as many recessions. It doesn't work like that. You would still have recessions. Recessions are not caused by industry structures. But don't pretend either that we shouldn't invest in resources because that will reduce our vulnerability to recessions. It doesn't work like that.